Netflix financial head David Wells decides to step down

CALIFORNIA, U.S. - After completing 14 years with the company, during which time Netflix recorded massive growth, the streaming giant’s Chief Financial Official (CFO), David Wells has decided to step down.

After joining the company in 2004, two years after it went public, Wells was responsible for content operations and strategic planning.

In 2008, he was made vice president of finance planning and analysis and subsequently became the company’s CFO two years later.

Wells’s tenure has been marked by massive growth for Netflix, which is currently valued at just under $150 billion.

In a statement announcing his departure, the streaming giant said on Monday that Wells will remain with Netflix until his successor is found, and that the search will be focussed on both internal and external candidates.

In a statement, Wells said, “It's been 14 wonderful years at Netflix, and I'm very proud of everything we've accomplished. After discussing my desire to make a change with Reed, we agreed that with Netflix's strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company. Personally, I intend my next chapter to focus more on philanthropy and I like big challenges but I'm not sure yet what that looks like."

Commenting on the decision, Netflix CEO Reed Hastings, “David has been a valuable partner to Netflix and to me. He skillfully managed our finances during a phase of dramatic growth that has allowed us to create and bring amazing entertainment to our members all over the world while also delivering outstanding returns to our investors. I look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals."

Since a disappointing second-quarter earnings report last month, when the company showed it had missed subscriber growth projections, Netflix’s stock has been in decline.

On Monday morning, following the announcement, Netflix shares fell 1.8 percent to $339.72.

Netflix financial head David Wells decides to step down

Netflix financial head David Wells decides to step down

CALIFORNIA, U.S. - After completing 14 years with the company, during which time Netflix recorded massive growth, the streaming giant’s Chief Financial Official (CFO), David Wells has decided to step down.

After joining the company in 2004, two years after it went public, Wells was responsible for content operations and strategic planning.

In 2008, he was made vice president of finance planning and analysis and subsequently became the company’s CFO two years later.

Wells’s tenure has been marked by massive growth for Netflix, which is currently valued at just under $150 billion.

In a statement announcing his departure, the streaming giant said on Monday that Wells will remain with Netflix until his successor is found, and that the search will be focussed on both internal and external candidates.

In a statement, Wells said, “It's been 14 wonderful years at Netflix, and I'm very proud of everything we've accomplished. After discussing my desire to make a change with Reed, we agreed that with Netflix's strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company. Personally, I intend my next chapter to focus more on philanthropy and I like big challenges but I'm not sure yet what that looks like."

Commenting on the decision, Netflix CEO Reed Hastings, “David has been a valuable partner to Netflix and to me. He skillfully managed our finances during a phase of dramatic growth that has allowed us to create and bring amazing entertainment to our members all over the world while also delivering outstanding returns to our investors. I look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals."

Since a disappointing second-quarter earnings report last month, when the company showed it had missed subscriber growth projections, Netflix’s stock has been in decline.

On Monday morning, following the announcement, Netflix shares fell 1.8 percent to $339.72.